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There is no law of economics that says the value of labor has to be above survival, let alone minimum wage. When cars replaced horses, most horses didn't get ne
by Houshalter 10y ago
There is no law of economics that says the value of labor has to be above survival, let alone minimum wage. When cars replaced horses, most horses didn't get new jobs. They literally became worth less than the cost of feeding them, and were slaughtered.
Near future AI will make the majority of humans basically worthless. There isn't much left that people can do, and computers can't. Sure maybe high intelligence jobs like engineers and programmers are safe (for now...), but most people can't become programmers or engineers.
- lgas 10y agoDo you have any citation on the assertions that the invention of cars resulted in the slaughter of many horses? I've spent a fair amount of time googling but can't find anything about it.
- collyw 10y agoEconomics is an entirely human construction. Such laws can be made as easily as the rest of the economic system and it makes sense.